Using a cost-of-living multiplier provided by the Office of Management and Budget, the new maximum penalty under Employee Retirement Income Security Act section 4071 for failure to provide certain notices or other material information is $2,097.
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Forty-five percent of Baby Boomers expect their standard of living will decrease in retirement; the vast majority of Generation X think their generation will have a harder time achieving financial security than their parents.
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An Ipsos/USA Today poll of 1,205 adults ages 45 to 65 from the continental U.S., Alaska and Hawaii, found 68% have personal savings for retirement, 40% invest in stocks, 39% have a pension, 19% have annuities, 19% have bonds, and 13% hold securities.
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“We’re encouraged by the results and are working hard to expand the program to more plan sponsors,” says Carlos Rojas, director of consumer and cultural engagement at Principal, about the firm’s new Hispanic market outreach program.
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